John W. Peterson said "That's absolutely correct. We produce about 83 percent of our own natural gas. We import a lot from Canada and about 2 percent of LNG, which is liquefied natural gas, from the same area as we get our oil from. Natural gas is not a world price, and a lot of Members of Congress and a lot of people in America don't understand that. Oil is a world price. The gasoline prices can vary. That's a portion of the oil. If you have an excess of gasoline in your country or in Europe, their price drops; if you have a shortage, their price goes up the same as ours. They operate off of the Wall Street market, and their markets." @ PoliticalQuotes.com

On the recordSeptember 6, 2007

That's absolutely correct. We produce about 83 percent of our own natural gas. We import a lot from Canada and about 2 percent of LNG, which is liquefied natural gas, from the same area as we get our oil from. Natural gas is not a world price, and a lot of Members of Congress and a lot of people in America don't understand that. Oil is a world price. The gasoline prices can vary. That's a portion of the oil. If you have an excess of gasoline in your country or in Europe, their price drops; if you have a shortage, their price goes up the same as ours. They operate off of the Wall Street market, and their markets.

Said by

John W. Peterson

Pennsylvania

Source

govinfo.gov

Editor's note · Context

Discussing the differences between natural gas and oil pricing.

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